资产担保债券的国际市场观察

Covered Bonds–An International Market Perspective

资产担保债券是由抵押贷款或公共部门贷款组成的资产池为其提供抵押,并且在发起人破产时,债券持有人对资产池有优先处置权的债务融资工具。本文对资产担保债券在国外的发展历史、产品特征以及国外评级机构的评级方法进行介绍,并与国内相似产品进行对比分析,以期为该产品在国内发展提供有价值的借鉴。

Covered bonds are debt financing instruments that are secured by an asset pool composed of mortgage loans or public sector loans. Bondholders have priority in disposing of the asset pool when the sponsor goes bankrupt. This paper introduces the development history, product characteristics and rating methods of foreign rating agencies of covered bonds in foreign countries. It also compares them with similar products in China in order to provide a reference for the development of this product in China.